According to the flash report of the Hungarian Central Statistical Office (KSH) published this morning, employment indicators have continued to improve. In the period October-December 2013, in light of year-on-year data, the upward trend concerning the number of those in employment in place since summer 2010 was unbroken.

The number of those in employment aged 15-74 years was up by 107 thousand. Along with the public employment scheme the private sector has also been behind this increase. The number of people in employment increased from 3 million 908 thousand one year ago to 4 million 15 thousand, while the employment rate went up from 51.1 percent in the corresponding period of the 2012 to 52.7 percent.

As far as those aged 15-64 years are concerned, data are similarly favourable: the number of people in employment increased from 3 million 874 thousand one year ago to 3 million 982 thousand, up by 108 thousand, and accordingly the employment rate for this age group improved from 57.8 percent in 2012 to 59.7 percent.

The employment rate for those aged 15-24 years was 0.9 percentage points higher compared to the level of the same period of the previous year. The employment rate of those in prime working age, aged 25-54 years, edged up by 1.8 percentage points to 76.8 percent, whereas among those aged 55-64 years the employment rate jumped by 2.2 percentage points to 39.4 percent.

In the fourth quarter of last year, the employment rate of women reached a 22-year record. The number of women aged 15-64 years in employment was up by 39.8 thousand year-on-year, an increase of 1.5 percent. In comparison to data from Q4 2009, the year which preceded the change of government, the number of women in work was almost 100 thousand more (98.1 thousand), up by 3.7 percent.

Thanks to Government measures, the level of employment could be maintained and even raised in every region among those aged 15-64 years. The outstanding employment figure, unprecedented since 1992, and the steady increase of real wages are facilitating economic growth.

In comparison to the corresponding period of 2012, the number of unemployed people could be reduced by 1.6 percentage points (65 thousand people) to 9.1 percent (403 thousand people) in October-December 2013. The unemployment rate of those aged 25-54 years is only 8.2 percent, the best result since the onset of the crisis.

Data for 2013 also confirm that as a result of Government measures employment is increasing and unemployment is in decline, which facts help achieve the 2 percent economic growth target for 2014.

(Ministry for National Economy)